The following regression model has been proposed to predict sales at a fast food outlet.
a.What is the interpretation of 15 (the coefficient of X₃) in the regression equation?
b.Predict sales for a store with 2 competitors, a population of 10,000 within one mile, and one drive-up window (give the answer in dollars).
c.Predict sales for the store with 2 competitors, a population of 10,000 within one mile, and no drive-up window (give the answer in dollars).

Question

The following regression model has been proposed to predict sales at a fast food outlet.

a.What is the interpretation of 15 (the coefficient of X₃) in the regression equation?
b.Predict sales for a store with 2 competitors, a population of 10,000 within one mile, and one drive-up window (give the answer in dollars).
c.Predict sales for the store with 2 competitors, a population of 10,000 within one mile, and no drive-up window (give the answer in dollars).

Quizplus · Accepted Answer

The Answer of The following regression model has been proposed to predict sales at a fast food outlet. a.What is the interpretation of 15 (the coefficient of X₃) in the regression equation? b.Predict sales for a store with 2 competitors, a population of 10,000 within one mile, and one drive-up window (give the answer in dollars). c.Predict sales for the store with 2 competitors, a population of 10,000 within one mile, and no drive-up window (give the answer in dollars).

The Following Regression Model Has Been Proposed to Predict Sales